Interim Management Statement

Invesco Asia Trust plc                             

                         Interim Management Statement                          

                   for the Three Months ended 31 January 2012                    

Objective of the Company

Invesco Asia Trust plc (`the Company') is a UK investment trust listed on the
London Stock Exchange. The Company was launched in July 1995.

The objective of Invesco Asia Trust plc is to provide long-term capital growth
by investing in a diversified portfolio of Asian and Australasian companies.
The Company aims to achieve growth in its net asset value in excess of the
Benchmark Index, the Morgan Stanley Capital International All Countries Asia
Pacific ex-Japan Index (total return), measured in sterling.

Material Events

No material events occurred in the period.

Dividends

No dividends were declared during the period.

Manager's Report

Asian equity markets ended the period strongly, recovering from declines made
earlier in the period as investor risk appetite returned. Robust economic data
from China and the US suggested that the outlook for global growth was better
than initially feared, while easing inflationary pressures provided the
potential for policy easing in much of the region. External headwinds from the
Eurozone also subsided, with apparent progress, albeit at a slow pace, being
made towards resolution of the sovereign debt crisis.

While developed economies are faced with years of anaemic growth and the need
for fiscal austerity, Asian economies are enjoying robust economic growth,
albeit at decelerating rates. As Asia's domestic consumption steadily
increases, supported by strong structural trends, including rising income
levels and better demographics, Asia's dependence on exports to developed
markets is gradually reduced. Furthermore, government, corporate and household
balance sheets are generally in good shape with low levels of debt. While
investor sentiment has improved in recent months, the global macroeconomic
outlook remains uncertain, with concern over the degree to which global growth
is slowing. What is clear though is that Asian equities are trading at
particularly undemanding levels, at around 11.3 times 2012 earnings, although
the potential for further earnings downgrades must not be disregarded given
continued uncertainty. However, with greater clarity in outlook, and tailwinds
provided by potential policy easing throughout the region, Asian equities are
well placed to re-rate from their current valuation levels.

As such, the Company remains focussed on offering investors diversified
exposure to the Asia Pacific ex Japan region, capitalising on promising
companies in various sectors that appear undervalued and offer investors upside
potential over a meaningful timeframe, regardless of market conditions. This
includes holdings in best in class technology companies such as Samsung
Electronics that have strong competitive advantages and low cost bases, which
have enabled them to enhance their profitability in a tough macro environment.
We also hold a number of long term high growth and high quality consumer plays
that can grow into their valuations as well as stocks with indirect and
undervalued exposure to domestic demand. We favour companies in China and Hong
Kong for what we consider to be underappreciated long-term growth potential. We
also have significant exposure to Korean companies that are undervalued in our
view, as well as limited exposure to some of the smaller regional economies
where we remain selective.

Volatility continues to be a feature of Asian equity markets, but we continue
to believe that by retaining a focus on selecting companies with high quality
earnings and good visibility that trade at attractive valuations, there is
strong potential for good investment returns in the medium-term.

Performance

                                3 Months       1 Year      3 Years      5 Years
                                                                               
Total Return                                                                   
                                                                               
Share Price                         3.3%        -4.9%        94.7%        72.1%
                                                                               
Net Asset Value (Diluted)           1.6%        -2.4%        99.7%        71.3%    
                                                                               
MSCI (All Countries) Asia           3.9%        -4.1%        89.6%        59.0%
                                                                                 
Pacific ex Japan Index                                                         
                                                                               
(Sterling Adjusted)                                                            
                                                                               

Source: Thomson Reuters

Share Price and Discount

                                 As at           For the Three Months Ended    
                                                                               
                            31 January 2012             31 January 2012          
                                                                               
                                                High        Low       Average  
                                                                               
Ordinary shares mid-market            150.75    152.5      136.3       143.6   
                                                                               
price (pence)                                                                  
                                                                               
Net Asset Value (diluted)                                                      
per                                                                            
                                                                               
Share:                                                                         
                                                                               
- cum income (pence)                  166.72                                   
                                                                               
- ex income (pence)                   164.13                                   
                                                                               
Discount per ordinary                                                          
share                                                                                                                                                     
on diluted NAV:                                                                
                                                                               
- cum income                            9.6%                                   
                                                                               
- ex income                             8.2%                                   

Source: Thomson Reuters



Assets and Gearing

                                  31 January 2012
                                                
Total Assets less Current                 
                                                
Liabilities excl. loans (£m)               166.7     
                                                
of which cash (£m)                             -
                                                
Borrowings (£m)                              4.0
                                                
Total Shareholders' Funds (£m)             162.7
                                                
Diluted cum income Net Asset               166.7
Value (pence)                                   
                                                
Gross Gearing                               2.5%
                                                
Net Gearing                                 2.5%

Diluted Net Asset Value

The diluted net asset value per share that would arise if the subscription
shares were converted at 125p. It is calculated by dividing the net asset value
by the number of shares that would be in issue if all the subscription shares
were converted to ordinary shares. Where the diluted net asset value per
ordinary share is greater than the basic net asset value per ordinary share,
there is no dilutive effect.

Gross Gearing

This reflects the amount of gross borrowings in use by the company and takes no
account of any cash balances. It is based on gross borrowings as a percentage
of shareholders' funds.

Net Gearing

This reflects the amount of net borrowings invested, i.e borrowings less cash
and bond holdings. It is based on net borrowings as a percentage of
shareholders' funds.

GeographicalBreakdown of Portfolio

                           31 January 2012
                                          
Hong Kong                            23.9%
                                          
South Korea                          23.1%
                                          
China                                15.5%
                                          
Taiwan                                9.7%
                                          
Australia                             8.0%
                                          
India                                 6.8%
                                          
UK                                    3.7%
                                          
Philippines                           3.6%
                                          
Singapore                             3.5%
                                          
Indonesia                             1.2%
                                          
Thailand                              1.0%
                                          

Top 10 Holdings

     Investments                                           Country         % of
                                                                               
                                                                      Portfolio
                                                                               
1    Samsung Electronics                               South Korea         6.7%
                                                                               
2    Jardine Matheson                                    Hong Kong         4.8%
                                                                               
3    Daphne International                                Hong Kong         3.2%
                                                                               
4    Shinhan Financial                                 South Korea         2.7%
                                                                               
5    China Mobile R                                      Hong Kong         2.7%
                                                                               
6    Hutchison Whampoa                                   Hong Kong         2.6%
                                                                               
7    DGB Financial                                     South Korea         2.6%
                                                                               
8    United Phosphorus                                       India         2.6%
                                                                               
9    HSBC                                                       UK         2.3%
                                                                               
10   Taiwan Semiconductor Manufacturing                     Taiwan         2.3%

All ordinary shares unless otherwise stated

R = Red Chip Holdings



Changes to Share Capital

On 19 December 2011 the Company purchased 1,791,000 of its own ordinary shares
of 10p each which were placed in treasury. As at 31 January 2012 the Company's
issued share capital consisted of 94,956,757 Ordinary shares of 10p each, of
which 1,791,000 are held in treasury, and 17,648,153 subscription shares of 1p
each.

The Company has authority to buy back shares for cancellation or into treasury
and to issue new shares (disapplying pre-emption rights), in each case within
specified limits. The Company expects to renew these authorities each year.

Holders of the Company's subscription shares are reminded that the final
opportunity to convert their subscription shares into fully paid ordinary
shares of 10p each at a price of 125p per share will take place on 31 August
2012. The Company will give notice in writing to subscription shareholders not
less than 28 days before the subscription date reminding them of their
subscription rights and providing the appropriate information required for
conversion.

Price and Performance

The Company's Ordinary shares are listed on the London Stock Exchange and the
price is published in the Financial Times under `Investment Companies' and in
the Daily Telegraph under `Investment Trusts'.

The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com.

Further information can be obtained from Invesco Perpetual as follows:

Free Investor Helpline: 0800 085 8677

Internet address: www.invescoperpetual.co.uk/investmenttrusts

The information provided in this statement should not be considered as a
financial promotion or recommendation.

Interim management statements are expected to be published in March and August
each year.

For and on behalf of

Invesco Asset Management Limited

12 March 2012



Ordinary Shares - Listing Category: Premium - Equity Closed-ended Investment
Funds

Subscription Shares - Listing Category: Standard - Shares

Registered Office

30 Finsbury Square, London, EC2A 1AG

Telephone: [phone]

Facsimile: 020 7065 3166

Registered in England No 3011768

An Investment Company under Section 833

of the Companies Act 2006